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Cardano, the layer-1 blockchain, has finally executed the Chang hard fork, which ushers in the “Voltaire Era.” This marks a significant milestone after it was postponed in August due to delays from some centralized exchanges.
The execution of the hard fork at block 10,764,778 introduces a new on-chain governance system using Cardano’s native token, ADA. This implies that investors in ADA tokens can pick and choose representatives and vote on crucial development proposals in the ecosystem.
A New Era of On-Chain Governance
Notably, as outlined in the Cardano roadmap, the Voltaire era signals true decentralization using the infrastructure introduced during the Shelley era. It will also facilitate Cardano’s network’s becoming self-sustaining. What appears exciting to community members is the ability to utilize their stake and voting rights to determine future developments on the blockchain.
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With this new governance system, the Cardano Foundation, Emurgo, and Input-Output Global (IOHK) have been stripped of exclusive authority regarding upgrades. According to the CIP-1694, three notable bodies, the constitutional committee (CC), delegate representatives (Dreps), and stake pool operators (SOPs), now form the new governance model.
Cardano Eyes Phased Implementation
The Voltaire era marks the fifth era, with previous eras being the Byron (foundation) era, Shelley (decentralization) era, Goguen (smart contracts) era, and Basho (scaling) era. Each era is usually characterized by several functionalities that are released in phases of multiple codes.
As for the Chang hard fork, the first phase has gone live and ushered in the constitutional committee, which will oversee the governance transition process. The next step involves step two, which will introduce DReps. In this phase, ADA holders can delegate their voting power to an on-chain voting system by 2025, when full implementation will take off.
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Community Reactions and Market Impact
Although community members have celebrated the Chang hard fork as a great leap for decentralized blockchain governance, not much has happened with ADA. According to data, ADA has dipped by 1.84% to $0.3329 at the time of writing.
The blockchain has also witnessed a slight drop in market capitalization to $11,952,402,795, representing a 1.96% decrease. However, its market volume recorded a 51.78% climb to $251,372,140.
